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About Swabhimaan Scheme

Swabhimaan scheme is for all customers who are not having standard income proofs or do not have complete documentation for taking loan. Minimum income requirement for getting eligible under the scheme is as low as Rs.15,000 per month. It includes persons generating income in cash / getting salaries in cash. Also there is considerable flexibility with respect to certain important documentation requirement for taking loan like Income Tax Proofs, Bank Statement etc.

Basis the documentation submitted by the customer, the bank will decide the amount of loan basis its set criteria. However, in case the required documentation is not available with the customer, then the bank will decide the eligibility and amount basis personal discussion with the customer at their office/business premises.

Following table gives an illustrative overview of options available under the scheme*:
BHK Starting Price (Rs.Per Sqft) Size (in Sqft) Total Cost

(Rs.)

Booking - Own Contribution (10%) Loan Amount (80%) EMI**

(Per Month) @ 8.65% ROI for 20 years

EMI

(per day)

1 BHK 2069 500 1034500 103450 827600 7261 242
2 BHK 2390 695 1661050 166105 1328840 11658 389
3 BHK 2305 995 2293475 229347 1834780 16097 537
4 BHK 2232 1595 3560040 356004 2848032 24987 833

*Assumption: Above calculations are basis applicable lowest down payment price for the smallest size option available for the unit size, across project options participating under the scheme. Power backup Meter Charges & Maintenance extra, as applicable. ** Home loan rate of interest may vary based on customer profile.

About Pradhan Mantri Awas Yojna

Pradhan Mantri Awas Yojna (PMAY) is a mission started by the Prime Minister of India, with an aim of ‘Housing For All’ to be achieved by the year 2022. The scheme is a major step towards ensuring that people can get a house within their financial capability. The main objective of the scheme is to bring a ‘Pucca house’ for every family in urban cities with water connection, toilet facilities, 24x7 electricity supply and complete access. Around 2 crore houses are to be built across nation’s length and breadth targeting the lower income groups (LIG) and economically weaker section (EWS)of our society.


EWS households with annual income up to Rs. 3 lakh are eligible under the scheme. Whereas, the eligibility bracket is Rs. 3 lakh-18 lakh* which will cover both LIG and MIG households. A family comprising of husband, wife and unmarried children can be beneficiary under the scheme subject to condition that they should not own a pucca house either in their name or in the name of any member of their family in any part of India.


*Basis existing details notified under PMAY scheme. The effect of recent amendments announced by Honorable Prime Minister on 31st Dec’16 are yet to be taken into consideration, as details in relations to the same are still awaited.

Benefits:

  • For income up to 6 lacs p.a., interest subsidy @6.5% on loan amount of 6 lacs for maximum 20 years or actual term, whichever is lower
  • For income up to 12 lac p.a., interest subsidy @4% on loan amount of 9 lacs for maximum 20 years or actual term, whichever is lower
  • For income up to 18 lac p.a., interest subsidy @3% on loan amount of 12 lacs for maximum 20 years or actual term, whichever is lower
  • Maximum subsidy amount Rs. 2.46 lacs (approx.)


Following table illustrates the amount of subsidy available under various scenarios:
Particulars Loan Amount Interest rate Loan Tenure PMAY Interest Subsidy Amount
Scenario 1 5,00,000 8.65% 180 Months 1,83,489
Scenario 2 6,00,000 8.65% 180 Months 220,187
Source: NPV Subsidy Calculator http://pmaymis.gov.in/EMI_Calculator.aspx

Interest subsidy will be approved by Nodal office and the benefits will be transfered to customer's loan account with the help of which the principal amount as well as the loan tenure will be reduced.

Eligibility Criteria Under Swabhimaan :

  • Minimum income requirement Rs.15,000 per month
  • Minimal documentation
  • Upto 90% Home Loan Available

Project Locations: :

Yamuna Expressway, Noida Extension, Greater Noida, Ghaziabad & Gurugram

Projects

Mahagun Montage

Location: NH-24, Ghaziabad

Supertech Shaan

Location:Yamuna Expressway

Ajnara Khel Gaon

Location: Sector 27, Greater Noida(W)

Migsun Mannat

Location: Greater Noida

Migsun Amulya

Location: Raj Nagar Extension, Ghaziabad

Supertech Shaan Gurugram

Location: Sector 2, Gurugram

Supertech Sports Village

Location: Greater Noida West

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Projects covered under Swabhimaan